Chainlink (LINK) is currently trading at $13.05, reflecting a slight 24-hour decline of 0.60%. The daily price has fluctuated between a high of $13.49 and a low of $12.99, indicating a relatively narrow trading range of 0.5%.

Volume stands at approximately $405.8 million, with a volume-to-market cap ratio of 4.39%. This volume suggests moderate trading activity, but it is not strong enough to indicate a bullish reversal given the current price trend.

Short-term moving averages show bearish momentum, with the 8 SMA at $13.16 down 0.80%, and longer averages like the 144 SMA at $13.30 down 1.90%. The consistent decline across moving averages indicates sustained selling pressure, which could continue in the near term.

The 1-hour RSI is at 30, suggesting the asset is nearing oversold conditions, but a 7-day RSI of 44 indicates that momentum is still weak and not yet in a recovery phase. Furthermore, the 7-day price change of -6.89% and the 30-day decline of -4.61% emphasize a negative trend in the short to medium term.

Chainlink's all-time high of $52.70 in May 2021 remains a significant resistance level, and the current price is substantially below this peak. Given the bearish technical indicators and the recent price action, LINK does not show signs of immediate recovery, and resistance levels remain untested.

Based on the current analysis, a Hold rating is advised. This stance is due to the presence of oversold signals that may indicate a potential bounce in the short term; however, the overall trend remains negative, and confirmation of a reversal is necessary before considering a Buy.